Taxation in the United States

Greek taxpayers burdened by erroneous tax assessments can now expect refunds and waivers through a groundbreaking automated process introduced by the Independent Authority for Public Revenue (AADE). 

Taxes and fines imposed on taxpayers by mistake through automated procedures over the past ten years will be refunded in full, according to a decision issued by the Independent Authority for Public Revenue (AADE) Governor Giorgos Pitsilis. 

Taxes in excess of 5 billion euros will be paid every month from January 2025 by taxpayers and businesses, with total receipts approaching €70 billion next year, an increase of €2.5 billion compared to the current year.

Taxpayers have until the end of December to file amended returns, without incurring penalties, to report retrospective amounts of wages and pensions received through 2023.

Tax authorities will be able to issue income tax assessments that will be determined based on the data available to the tax authority even one day after the deadline for submitting tax returns.

The National Social Security Institute (NSSI) has reported that the average social security income for October 2024 in Bulgaria stands at 1666.05 leva. This figure, announced by the NSSI's press center, reflects a slight decrease from the previous month, when the average income was 1668.70 leva.

Thousands of taxpayers will be confronted with the tax authorities in the next few days, as they will have to fulfil a series of obligations which are “running”.

There are a number of steps and options taxpayers can take starting today to reduce the cash portion of their 2025 tax return. These moves range from using electronic payments and collecting e-receipts, to spending on property renovations, activating closed properties and rational preparation for timely filing of tax returns.

As the final month of the year, December brings not only the festive season but also a series of financial obligations for Greek taxpayers. To avoid fines and penalties, it’s essential to meet the various deadlines, most of which fall on December 31, 2024. Below is a detailed guide to help you stay compliant.

Key Obligations and Deadlines

A total of €66,500,000 will be paid to 70,225 beneficiaries from 9 to 13 December 2024 under the scheduled payments of e-EFKA and the Public Employment Service (PES).